Lets say that the object falling towards the bh is a clock, and at a fair distance we, the observer, have our own clock. The basic idea is that the closer the falling clock gets to the large mass of the black hole, the slower it would appear to us to be going. As far as the falling clock is concerned, I'm not actually sure, you'd think that it would see us going much much faster, however I'm not sure that's the case. For a special relativity analogue, when something is travelling fast relative to another thing, they both think that the other is going slower, there's a symmetry to it because there's no distinction between thing A moving relative to thing B, or thing B moving relative to thing A. I'm not sure if it's similar with general relativity and masses, though. Therefore I think that it is different, but it's a while since I've covered anything like this though, and can't recall enough, I may need to check.