Dhaka: Transparency International Bangladesh (TIB) on Sunday urged the government to take effective steps to ensure transparency and accountability in Bangladesh's gold sector.

"Traders have the monopoly on gold, its standard and market in the country for lack of government's effective control," it said.

TIB suggested bringing the gold sector under a comprehensive legal framework on an urgent basis, and put forward some recommendations to bring transparency and accountability in the sector.

It made the suggestions in a research paper placed at a press conference at its Dhanmondi office.

According to the research paper, gold traders are dependent on smuggled gold instead of exporting it legally to avoid high duty, hassle and lengthy process in releasing those from ports and for lack of unavailability of insurance coverage.

It suggested reducing the duty on the import of gold to encourage traders to bring in the metal through legal channels and creating a congenial atmosphere for gold trade in the country.

Speaking on the occasion, TIB Executive Director Iftekharuzzaman said a section of law enforcers and officials of port and different airlines as well as businessmen who are involved in smuggling is working against the formation of a policy for the gold import and trade in the country. "The government is being deprived of revenue for uncontrolled market and lack of supervision."

"We can't expect that the existing illegal way of gold trading will be institutionalised and the smuggling-dependent business continue for a long," he said.