Dhaka: The Transparency International Bangladesh (TIB) has urged the government to announce a time-befitting policy involving the stakeholders to stop fraudulence and dependency on smuggling in gold business.

For lack of a specific policy of jewellery business, the anti-graft agency said, the government and regulatory authorities concerned cannot avoid the responsibility of the widespread corruption in gold trade.

In a statement on Friday, TIB Executive Director Dr Iftekharuzzaman said once an effective gold import and business policy inserting provisions for ensuring transparency and accountability is enacted, country's jewellery business will flourish and will be a sustainable development-promoting industry.

"A section of dishonest traders has long been running their gold business through corruption means and gold smuggling for lack of a proper policy and laws. But, the authorities concerned haven't taken proper steps to check it, which causes harm to the country's economy," he said.

The TIB chief said the officials concerned who are involved in corruption and negligence in this regard must be made accountable through legal process.