At the royal palace and in royal processions, the national flag is only shown flanking the king. The most common flag shown in palace is a red triangular flag with a golden border with flammules. The bottom side is horizontal, like in other ancient Far Eastern royal flags. During a night party in palace, the only flag displayed is dark blue with a red border on all sides. The white elephant reference is quite close to the actual meaning.
White elephants are auspecious creatures which are bounded to the life of kings.