In recent years, secure information sharing has become a top requirement for many applications such as banking and military. Secret Sharing is an effective method to improve security of data. Secret Sharing helps to avoid storing data at a single point through dividing and distributing-shares‖ of secrets and recovering it later with no loss of original quality. This paper proposes a new Secret Sharing scheme for secure transmission of color images. The key features of this scheme are better visual quality of the recovered image with no pixel expansion, eliminating half toning of color images, eliminating the need for code book to decrypt images since reconstruction is done through XOR ing of all images and non-requirement of regeneration of shares for addition or deletion of users leading to less computational complexity. Besides these advantages, this scheme also helps to renew shares periodically and is highly beneficial in applications where data has to be stored securely in a database.