The actor breathed his last in Shimla. He was 64.
Beginning his career with 'Chashme..' in 1981, Baswani established himself as a comic actor with the cult film 'Jaane Bhi Do...' which also won him a Filmfare award.
Baswani was also a prominent face on television and appeared in character roles in films like 'Bunty Aur Babli' and 'Pyar Tune Kya Kiya'.
A number of Bollywood stars expressed their grief at his sad demise.
"Just got to know that Ravi Baswani passed away. How sad and terrible. Wonderful man. A gypsy by heart. Always happy and helpful. RIP," actor Anupam Kher wrote on Twitter.
"Sad to hear the demise of actor Ravi Baswani. The unforgettable performance in (Jaane bhi do yaaron, Chasme Baddoor), may his soul RIP," wrote filmmaker Madhur Bhandarkar.