New Delhi (Agencies): The Centre while spelling out a host of measures to retrieve Black money informed Supreme Court on Wednesday that the money stashed abroad as tax havens will be taxable income under the Direct Taxes Code Bill.

The apex court has also been informed by the government about the negotiations it has completed for Tax Informations Exchange Agreement (TIEA) with 10 countries where the money is believed to have been hidden.

The ten countries are Bahamas, Bermuda, British Virgin Island, Isle of Man, Cayman Island, British island of Jersey, Monaco, St Kitts and Nevis, Argentina and Marshall Island.

It also informed that Cabinet approval has been granted in relation to eight of these agreements.

"It is submitted that the central government has proposed new provisions for unearthing black money in the Direct Taxes Code Bill by defining taxable assets as inclusive of the deposits in banks located outside India in case of individuals and such bank deposits not recorded in the books of account in case of others," an additional affidavit filed by the Ministry of Finance said.

The affidavit was submitted in response to the probing questions posed by a bench of justices B Sudershan Reddy and S S Nijjar on a PIL filed by reputed jurist Ram Jethmalanai and others, seeking retrieval of black money stashed in banks abroad.