Is this the right time to use Angular JS 2 for my new project? Or should I go with 1.x only?

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I would suggest you to go with AngularJS 2 directly. Nowadays Web Dev Technology is moving very fast. So if it's a new project, better to go with the latest one and learn along the way.
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I have been teaching mathematics in 9th and 10th class at CBSE school since 2013. .

I would say that it is now likely safe to use Angular 2 for your project, as it is in RC, and should not have too many breaking changes when the final version comes out.
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