Here is the script:

#!/bin/bash -
#===============================================================================
#
#          FILE: imgOrg.sh
#
#         USAGE: ./imgOrg.sh
#
#   DESCRIPTION:
#
#       OPTIONS: ---
#  REQUIREMENTS: ---
#          BUGS: ---
#         NOTES: ---
#        AUTHOR: Amit Agarwal (aka)
#      REVISION:  ---
#===============================================================================

for i in *
do
    if [[ $(file $i) == *image* ]] 
    then
        echo "Image file is :: $i"
        dir=$( exiftool -s -DateTimeOriginal $i | awk -F':' '{print $2"/"$3}')
        mkdir -p $dir
        cp $i $dir/
    else
        echo "Excluding $i"
    fi
done

Script looks at the DateTimeOriginal parameter in output of exiftools ( which is basically the date and time image was taken) and then puts the images in the folder in format YYYY/MM.

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