The government had in April formed MAG to investigate whether the money deposited in tax haven Panama are legal or illegal.
The multi-agency group probing Panama papers, which named around 500 Indians who have allegedly stashed money in offshore entities, has submitted three reports to the government.
The Central Board of Direct Taxes (CBDT) has also been updating the Special Investigation Team (SIT) set up under the directions of the Supreme Court to monitor cases related to black money, according to the Revenue Department.
"So far 3 reports have been submitted by the multi-agency group (MAG) to the government. The SIT on black money is being regularly updated on such issues," according to a Revenue Department document.
The government had in April formed MAG to investigate whether the money deposited in tax haven Panama are legal or illegal.
MAG comprises officials from the RBI, I-T department, Financial Intelligence Unit and Foreign Tax and Tax Research.
"The purpose of constituting MAG is to ensure speedy and coordinated investigation in the cases of persons whose names have appeared in the Panama paper leaks. Investigations in such cases are being conducted by respective investigating agencies and the progress is being monitored by MAG," the department said.
The issue of undisclosed foreign income was discussed in the zonal conference of tax officers and it was decided to focus on expeditious action, proper follow-up action in cases where prosecution complaints have been filed and taking of effective steps for recovery of demands raised.
The thrust areas identified at the conference also include expeditious analysis of evidence gathered from all possible sources, examination of implications of the newly enacted foreign black money law and examination of requests of other law enforcement agencies for sharing of relevant information and documents.