The Gryfalcon is the only 'regularly white falcon' that exists, it's also the largest of the falcons and would have been a very prized possession during the seventeenth century especially in Asia. This is because it would have been a valuable commodity for dignitaries and rich individuals to bring and sell to royalty in India and South East Asia.
The Gyrfalcon is the largest and most magnificent of the falco genus. In the most northerly part of its range it is almost uniformly white, becoming darker as it moves further south. With a wingspan of up to 63" (160 cm) and a body weight of up to 4.6 lb (2.1kg) it is indeed an impressive and powerful bird.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/history-of-sikhism/14907-white-falcon-guru-gobind-singh-ji.html
It is because of these birds rarity that they would have been in extremely huge demand by emperors and kings in South East Asia and what more befitting a bird for Guru Gobind Singh Ji to handle as his favourite.
The baaj features in a number of stories relating to the Guru.
Once Guru Gobind Singh Ji was in the forest and he let the baaj fly off towards a small animal scurrying about in the undergrowth. The baaj caught the animal and flew back to the Guru. It tore at the animal and fed on it. The accompanying Sikhs were taken aback by this incident and asked Guru Ji to explain. “In a previous time the baaj and this animal were friends. The one who is now dead asked for a loan and swearing on the Almightys name said that he would pay it back. He was devious and never did return it, so this is payback time.” In this incident Guru Ji enlightened his Sikhs that if you take something that is not yours or promise to return it then you will be held to that promise no matter what.
The most significant story concerning the baaj is in 1699 when Guru Sahib Ji had created Amrit (holy nector) for the precise purpose of creating the Khalsa brotherhood. A few drops of amrit had fallen from the iron cauldron, which were readily consumed by a few sparrows. The sparrows turned onto the baaj and repeatedly assaulted him to such an extent that he had to take flight, followed vigorously by the sparrows. This incident showed the Sikhs that the amrit created by the Tenth Guru had immense power, after drinking a few drops a small sparrow not only had the courage to take on a bird of prey but to harassed it until it took flight and fled. Guru Gobind Singh Ji said “I will create my Khalsa of such courage and vigour that he will take on armies of the enemy, he will stand up for the poor and the downtrodden – Sava Lakh say ek ladaho (One will confront a lakh and a quarter of the enemy)”
In 1984 amongst the turmoil and terrible fate of so many Sikhs a white baaj appeared, seen by many it circled and perched on a branch, telling the Sikhs that the Guru was with them.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=14907
From time to time a white baaj is seen in the mountains of the Himalayas in the surrounding areas of Hemkund Sahib where Guru Gobind Singh ji meditated as described in Bachitter Natak. 
go here for more : http://www.info-sikh.com/PageBaaj.html
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