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Contemporary approaches to semantic indexing for bag of words image retrieval do not adapt well when the image or video collections dynamically get modified. In this paper, We propose an on-line incremental semantic indexing scheme for image retrieval in dynamic image collections. Our main contributions are in the form of a method and a data structure that tackle representation of the term document matrix and on-line semantic indexing where the database changes. We introduce a bipartite graph model (BGM) which is a scalable data structure that aids in online semantic indexing. It can also be incrementally updated. BGM uses tf-idf values for building a semantic bipartite graph. We also introduce a cash flow algorithm that works on the BGM to retrieve semantically relevant images from the database. We examine the properties of both BGM and cash flow algorithm through a series of experiments. Finally, we demonstrate how they can be effectively implemented to build large scale image retrieval systems in an incremental manner.